CAIRO – 8 August 2024: Prime Minister Mostafa Madbouly announced that Egypt is targeting a reduction in the inflation rate to less than 10% by the beginning of 2026 at the latest. Here are the key points from the Prime Minister's statements:The total amount of hot money exiting Egypt recently accounted for no more than 7 -8% of the total market funds. The hot money that left Egypt is unrelated to the primary sources of Egypt's reserves. Foreign currency reserves within Egypt remain stable, ensuring the security of the state's primary needs. Madbouly reassured the Egyptian populace that the country's economic conditions are stable, with reserves sufficient to cover the next eight months.

Source: Egypt Today August 08, 2024 21:17 UTC